economy

Crop Diversification and its Benefits

Context: The Indian government is encouraging crop diversification among farmers to reduce reliance on traditional crops and bolster sustainability and economic viability. About Crop Diversification Crop diversification refers to the practice of growing a variety of crops on a farm...

Development of Tourism in India, Current Landscape, Government Initiatives

Development of Tourism in India Tourism in India holds immense potential as a significant contributor to the country's economy, despite facing various challenges. With its rich cultural heritage, diverse landscapes, and historical monuments, India has always been a magnet for...

Farmers Protest 2.0, Background, Key Demands and Government Response

The 2024 Indian farmers' protest, which commenced on February 13, 2024, marks a significant resurgence of farmer agitation in India, echoing the sentiments and demands of the 2020–2021 protests. The protest, primarily led by the Samyukt Kisan Morcha and the...

WTO – Farm Subsidies, History, Types, Implications and Significance

WTO - Farm Subsidies The World Trade Organization (WTO) plays a crucial role in governing international trade relations, including the highly contentious issue of farm subsidies. Farm subsidies are financial assistance provided by governments to agricultural producers to stabilize prices,...

The Great Depression of 1929,Significant Economic Downturns in Modern History

The Great Depression of 1929 The Great Depression of 1929 stands as one of the most significant economic downturns in modern history, profoundly impacting the global economy and reshaping socio-political landscapes. Beginning with the stock market crash of October 29,...

White Paper in the Economy, Objectives, Key Claims and Findings

Context: Finance Minister Nirmala Sitharaman presented a “white paper” on the Indian economy in Parliament. About White Paper in the Economy A white paper is a detailed report or guide designed to inform readers concisely about a complex issue and...

Logistics Performance Index 2023, Parameters, Government Initiatives

According to the World Bank's Logistics Performance Index Report for 2023, India has made remarkable progress, ranking 38 out of 139 countries. This achievement marks a substantial improvement from its position at 54 in 2014, demonstrating a commendable sixteen-place leap....

Fiscal Consolidation in India, Meaning, Examples

Context: The Indian interim budget for 2024-25 presented a cautious approach, highlighting continued focus on capital expenditure and fiscal consolidation while avoiding major tax changes. Fiscal Consolidation The Budget projects a fiscal deficit reduction to 5.1% for 2024-25, aligning with...

Fiscal Federalism – Ongoing Issues, Constitutional Provisions

Context: Kerala Government moved the Supreme Court last year against Centre limiting state's borrowing capacity, and alleged violation Of Fiscal Federalism. The Tamil Nadu Chief Minister recently appreciated Kerala’s action. Fiscal Federalism: An Overview Definition: It refers to the financial...

Increased Tax to GDP Ratio, Reasons, Potential Benefits

Increased Tax to GDP Ratio Context: India’s tax-to-GDP ratio is expected to hit a record high of 11.7% of GDP in 2024-25. Reasons For Increase Growth in Direct Taxes: Increased collections: Direct taxes like income tax and corporate tax are...